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fiscal cliff talks at the white house end with no deal, but president obama says he's still hopeful and says "we've got to get this done." gold prices pulled back today on worries about the fiscal cliff, will the metal shine in 2013? then cuba, tonight's "market monitor" sees big opportunity on the tiny island when the embargo's lifted. thomas herzfeld, of thomas herzfled advisors joins us. that and more tonight on "n.b.r."! president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan that can pass in congress. his brief comments a short while ago came after a white house meeting today with congressional leaders that ended with no deal. ahead of that, investors lost hope lawmakers can come together in the time remaining. in the last few minutes of trading, stocks sold off. the dow tumbled 158 points, the nasdaq lost 25, and the s&p fell over 15 points. here's darren gersh with more on the critical work that has to get done in washington this weekend. >> reporter: the pr
fiscal cliff talks at the white house end with no deal, but president obama says he's still hopeful and says "we've got to get this done." gold prices pulled back today on worries about the fiscal cliff, will the metal shine in 2013? then cuba, tonight's "market monitor" sees big opportunity on the tiny island when the embargo's lifted. thomas herzfeld, of thomas herzfled advisors joins us. that and more tonight on "n.b.r."! president obama says he's "modestly...
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Dec 4, 2012
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. >> with 28 days left to come to a deal on the nation's fiscal cliff, the white house is holding firm on its proposal to raise taxes on the wealthy. spokesman jay carney. >> the obstacle remains at this point the refusal to acknowledge by republican leaders that there is no deal that achieves the kind of balance that is necessary without raising rates on the top 2% wealthiest americans. the math simply does not add up. >> ifill: the white house proposes raising $1.6 trillion in taxes over ten years, imposing higher rates on those making more than $250,000 a year. in a letter sent to the white house today, speaker of the house john boehner rejected the president's approach, writing that republicans cannot in good conscience agree to this approach which is neither balanced nor realistic. his counter-offer, save $2.2 trillion by among other things raising $800 billion in new revenues. the plan would also raise the future eligibility age for medicare and alter medicaid to save another $600 billion. the republican plan would not increase tax rates for the wealthy. the president is campaign
. >> with 28 days left to come to a deal on the nation's fiscal cliff, the white house is holding firm on its proposal to raise taxes on the wealthy. spokesman jay carney. >> the obstacle remains at this point the refusal to acknowledge by republican leaders that there is no deal that achieves the kind of balance that is necessary without raising rates on the top 2% wealthiest americans. the math simply does not add up. >> ifill: the white house proposes raising $1.6 trillion...
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Nov 9, 2012
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cliff at the white house tomorrow. and we'll be hearing other views on how to deal with the fiscal cliff in the weeks to come. >> brown: still to come on the "newshour": whither the republican party; what happened in florida; why doctors are encouraging reading and opening day for china's communist party congress. but first, the other news of the day. here's hari sreenivasan. >> sreenivasan: wall street's post-election slide extended into a second day. stocks fell on concerns that washington won't be able to come up with a debt deal. the dow jones industrial average lost another 121 points to close at 12,811. the nasdaq fell more than 41 points to close at 2,895. meanwhile, the labor department announced that first-time claims for jobless benefits fell last week. more than one in four workers in greece is now out of a job. the greek government announced today that unemployment topped 25% in august up seven points from the same time last year. and, nearly 60% of young people are now unemployed. the news came as european
cliff at the white house tomorrow. and we'll be hearing other views on how to deal with the fiscal cliff in the weeks to come. >> brown: still to come on the "newshour": whither the republican party; what happened in florida; why doctors are encouraging reading and opening day for china's communist party congress. but first, the other news of the day. here's hari sreenivasan. >> sreenivasan: wall street's post-election slide extended into a second day. stocks fell on...
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Dec 22, 2012
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stock market after the fiscal cliff. it may not seem so today, as stock investors ran for the exits even faster than washington lawmakers left town for the holidays. but, somehow, someway, sometime there will be a deal between congress and white house. and, once that happens equity investors will need to refocus. >> once we get into the new year, i think we're going to get right back into earnings season again. and, once again earnings season is what happened last quarter and what do we think is going to happen in the quarters moving forward. >> reporter: as far as what happened in the quarter that ends for most companies on new year's eve, the answer isn't good. according to standard and poor's, wall street analysts predict big u.s. firms only saw a 3% increase in profits in the fourth quarter. on october 1, they were far more optimistic, forecasting a close to 10% gain. so what happened to all that earnings optimism earnings? it turns out it evaporated, as the u.s. economy started to show signs of weakness in the last
stock market after the fiscal cliff. it may not seem so today, as stock investors ran for the exits even faster than washington lawmakers left town for the holidays. but, somehow, someway, sometime there will be a deal between congress and white house. and, once that happens equity investors will need to refocus. >> once we get into the new year, i think we're going to get right back into earnings season again. and, once again earnings season is what happened last quarter and what do we...
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Nov 10, 2012
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. >> tom: still ahead, tonight's market monitor is watching the fiscal cliff, but thinks the economy and the stock market will continue gaining strength. russell investment's erik ristuben joins us. >> tom: next friday's meeting at the white house over the fiscal cliff comes as credit rating agency standard and poors put the odds of going over the cliff at 15%. beth ann bovino, senior economist at standard and poor's joins us. beth anne, did you hear anything today from either the president or house speaker that gives you more or less hope about a deal before the end of the year? >> well it sounded that both the president and boehner seemed to be a little bit more interested in working together. now, again this is just one day after the election. so let's see if that holds up. it does look like there are a few olive branches out there. we'll see if it continues. >> putting the odds at one in seven, one in eight we could still go over the cliff. cow agree that that will plunge the u.s. economy into recession and an unemployment rate back over 9%. >> i'm about in agreement with them. i
. >> tom: still ahead, tonight's market monitor is watching the fiscal cliff, but thinks the economy and the stock market will continue gaining strength. russell investment's erik ristuben joins us. >> tom: next friday's meeting at the white house over the fiscal cliff comes as credit rating agency standard and poors put the odds of going over the cliff at 15%. beth ann bovino, senior economist at standard and poor's joins us. beth anne, did you hear anything today from either the...
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May 26, 2012
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. >> tom: in the next 31 weeks, expect to hear more and more about the fiscal cliff. if congress and the white house don't come to an agreement, tax increases and government spending cuts are due to take effect. tonight's market monitor says now is the time to take action. robert stovall is managing director and strategist at wood asset management. bob, always great to see you. what is the threat to investors from the fiscal cliff? >> quite a few there, tom. a lot of things happening, or could happen. this fiscal cliff end of the year, with a lot of things likely to happen on the negative side unless congress and the administration change some of the rules. the way things now stand, the tax on dividends and tax on capital gains will rise when the bush tax cuts expire at the end of the year, unless congress steps in and does something and the president signs the bill. in addition to that, you've got the situation out there where the federal government has to move, as i just said, in that direction, and you've got a situation where corporations are going to be facing hi
. >> tom: in the next 31 weeks, expect to hear more and more about the fiscal cliff. if congress and the white house don't come to an agreement, tax increases and government spending cuts are due to take effect. tonight's market monitor says now is the time to take action. robert stovall is managing director and strategist at wood asset management. bob, always great to see you. what is the threat to investors from the fiscal cliff? >> quite a few there, tom. a lot of things...
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Nov 17, 2012
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top democrats and republicans express optimism on avoiding the fiscal cliff after meeting at the white house. today. >> susie: i'm susie gharib. two big banks agree to pay millions of dollars over mortgage bonds gone bad. >> tom: and could it be the end of the twinkie? hostess brands shuts down after 85 years. the company blames a labor union strike. >> susie: that and more tonight on n.b.r.! >> susie: so far so good on the fiscal cliff. president obama and congressional leaders got off to a good start in their first round of negotiations. the president met with congressional leaders who emerged later to say they want to move quickly to prevent automatic spending cuts and tax increases from tanking the economy at the first of the year. but as darren gersh reports, what we are not yet clear about is whether either side is willing to give up enough to get the job done. >> reporter: in washington, they think carefully about the pictures they want to present to the public so this mattered. all four congressional leaders-- democrats and republicans-- after meeting with the president chose t
top democrats and republicans express optimism on avoiding the fiscal cliff after meeting at the white house. today. >> susie: i'm susie gharib. two big banks agree to pay millions of dollars over mortgage bonds gone bad. >> tom: and could it be the end of the twinkie? hostess brands shuts down after 85 years. the company blames a labor union strike. >> susie: that and more tonight on n.b.r.! >> susie: so far so good on the fiscal cliff. president obama and congressional...
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Nov 29, 2012
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the fiscal cliff. with just 33 days left to nail down a deal, c.e.o.s made the rounds to explain to lawmakers that because of cliff gridlock, they're holding back on hiring and spending. as darren gersh reports, c.e.o.s weren't the only ones campaigning hard today. >> reporter: the president and republicans focused today on staging events designed to pressure the other side. the president called on americans to tweet, facebook and call members of congress to tell them to pass tax cuts for everyone making less that $250,000 a year. >> 97% of small businesses would not see their income tax go up by a single dime. even the wealthiest americans would still get a tax cut on the first $250,000 of their income. >> reporter: the speaker dismissed a call from a fellow republican to give the president what he wants, saying it's not good economics to raise tax rates on small businesses. >> going over the fiscal cliff will hurt our economy and hurt job creation in our country. this is not good for our country. it'
the fiscal cliff. with just 33 days left to nail down a deal, c.e.o.s made the rounds to explain to lawmakers that because of cliff gridlock, they're holding back on hiring and spending. as darren gersh reports, c.e.o.s weren't the only ones campaigning hard today. >> reporter: the president and republicans focused today on staging events designed to pressure the other side. the president called on americans to tweet, facebook and call members of congress to tell them to pass tax cuts for...
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Nov 21, 2012
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he urged lawmakers and the white house to reach a quick deal to avoid the fiscal cliff, saying it might mean next year could be "a very good one for the economy." ben bernanke didn't endorse any specific tax or spending policies to solve the fiscal cliff, but he urged lawmakers to think creatively. he said an agreement on ways to reduce long-term federal budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that, worries about a deal were already causing trouble. >> uncertainty about how the fiscal cliff, the raising of the debt limit, and the longer-term budget situation will be addressed appears already to be affecting private spending and investment decisions, and may be contributing to an increased sense of caution in financial markets. >> susie: wall street and business leaders were pleased that bernanke was talking tough. and they said the fed's role in the fiscal cliff negotiations is to communicate. >> tell the world and the individuals in the political establishment that they have to help get their act toge
he urged lawmakers and the white house to reach a quick deal to avoid the fiscal cliff, saying it might mean next year could be "a very good one for the economy." ben bernanke didn't endorse any specific tax or spending policies to solve the fiscal cliff, but he urged lawmakers to think creatively. he said an agreement on ways to reduce long-term federal budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that,...
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Nov 27, 2012
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cliff. and a new report from the white house added to the worries, showing that unless there's a deal on solving the crisis, the u.s. economy would suffer big time. the obama administration's economists estimate consumers would spend about $200 billion less next year than they would have otherwise. congress and the administration have only a few more weeks to nail down a deal. but that deal will have to address some tough issues, including entitlement reform. darren gersh explains. >> reporter: the big money in entitlements is in health care, and that means any grand bargain to avoid the fiscal cliff will slice away at one of the nation's most popular programs. >> medicare is clearly in the gunsights. >> reporter: it's possible congress and the president could agree to save $300 to $400 billion from medicare by cutting fees for doctors and hospitals. but analysts worry slashing payments won't make the health care system more efficient. >> this is not really a way to structurally change medic
cliff. and a new report from the white house added to the worries, showing that unless there's a deal on solving the crisis, the u.s. economy would suffer big time. the obama administration's economists estimate consumers would spend about $200 billion less next year than they would have otherwise. congress and the administration have only a few more weeks to nail down a deal. but that deal will have to address some tough issues, including entitlement reform. darren gersh explains. >>...
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the wild card this final month of 2012 is the fiscal cliff. analysts say if congress and the white house don't quickly resolve the budget crisis consumers could tighten their belts, throwing a speed bump into what has been an otherwise blockbuster year. diane eastabrook, "n.b.r.," chicago. >> susie: meanwhile, ford is going all out to rev up its upscale lincoln brand. the company is re-naming the division, "the lincoln motor company". it's not a separate company, but a separate brand from ford's mainstream models. at an event in new york city's lincoln center, ford introduced the new lincoln mkz sedan, one of four luxury, and fuel efficient models coming out over the next four years. >> no one offers a car that's more fuel he fishant than the this hybrid no one offers a vehicle with the kind of craftsmanship and beautifully skimp find interior that we val. and when you drive it, it's going to be as fun to drive as a bmw but as quiet and comfortable at a lexus. >> susie: this is ford's latest campaign to stage a comeback for lincoln. when i tal
the wild card this final month of 2012 is the fiscal cliff. analysts say if congress and the white house don't quickly resolve the budget crisis consumers could tighten their belts, throwing a speed bump into what has been an otherwise blockbuster year. diane eastabrook, "n.b.r.," chicago. >> susie: meanwhile, ford is going all out to rev up its upscale lincoln brand. the company is re-naming the division, "the lincoln motor company". it's not a separate company, but a...
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Nov 30, 2012
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falls off the fiscal cliff. if the cliff is averted... >> then i think you will see silver, platinum, palladium-- the so-called white metals-- outperform gold, because they will tend to outperform in a risk-on environment in a cyclical upturn. >> reporter: now, the other scenario: >> in an environment where we go off the fiscal cliff and we see continued problems on the debt side for the u.s., i think the gold price outperforms the white metals. >> reporter: gold's price will also depend on whether central banks continue to diversify their holdings into gold, and whether they implement more quantitative easing to boost growth. the outlook for platinum is a little more complicated. there have been major supply disruptions due to labor unrest in south africa, which produces nearly all of the world's platinum. it also depends on demand. >> europe is a key part of the platinum demand picture. if europe can recover, certainly that's going to bode well for platinum demand. if the price trades higher, it may affect som
falls off the fiscal cliff. if the cliff is averted... >> then i think you will see silver, platinum, palladium-- the so-called white metals-- outperform gold, because they will tend to outperform in a risk-on environment in a cyclical upturn. >> reporter: now, the other scenario: >> in an environment where we go off the fiscal cliff and we see continued problems on the debt side for the u.s., i think the gold price outperforms the white metals. >> reporter: gold's price...
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. >> brown: one item on the agenda is the so-called fiscal cliff , and that was the focus of a white house meeting today with liberal leaders. we talk with two participants. >> ifill: plus, from "our food for nine billion" series, special correspondent mary kay magistad reports on china's moves to satisfy a growing demand for meat. it has transformed lives and diets over the past 30 years meat con suption per cap to has quadrupled and city dwellers eat twice as much meat on average as those in the countryside. >> ifill: that's all ahead on tonight's newshour. major funding for the pbs newshour has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. >> intel. sponsors of tomorrow. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy, productive life. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> brown:
. >> brown: one item on the agenda is the so-called fiscal cliff , and that was the focus of a white house meeting today with liberal leaders. we talk with two participants. >> ifill: plus, from "our food for nine billion" series, special correspondent mary kay magistad reports on china's moves to satisfy a growing demand for meat. it has transformed lives and diets over the past 30 years meat con suption per cap to has quadrupled and city dwellers eat twice as much meat...
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Jul 31, 2012
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they know they're not going to get support from congress and the white house who face a big fiscal cliff. that creates uncertainty in the central bank in our corner as investors hope for the markets. >> susie: and speaking of jobs, what do you expecting for the report on friday? >> well, it's clear the labor market is slowing. we're looking 60 to 80,000 jobs added, and unemployment rate. the kind of report that doesn't give us much cheer because the economy is not really moving forward. >> susie: a lot to look forward to this week. thanks nick colas from the convergex group. >> tom: jury selection got underway today in a san jose federal courtroom as technology giants samsung and apple battle over what could determine who controls the u.s. smart phone and computer tablet markets. ruben ramirez reports. >> reporter: it's the latest and could be the most-watched high-stakes court fight between apple and samsung over patents. at issue is product design. apple sued samsung claiming samsung copied the look and feel of its iphone and ipad. for its part, samsung claims apple copied the iphone f
they know they're not going to get support from congress and the white house who face a big fiscal cliff. that creates uncertainty in the central bank in our corner as investors hope for the markets. >> susie: and speaking of jobs, what do you expecting for the report on friday? >> well, it's clear the labor market is slowing. we're looking 60 to 80,000 jobs added, and unemployment rate. the kind of report that doesn't give us much cheer because the economy is not really moving...
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Nov 29, 2012
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and you found that at the white house today where he gave a speech talking about the fiscal cliff, introducing the hashtag-- which is a way of grouping something-- my2k, which is a playoff of waoeubgt, ther of y2. he's saying if you don't do something you are going to have to pay as middle-class taxpayers, $2,000 allegedly. >> if congress doesn't stop the automatic tax hikes. >> brown: but this was in the context of a whole week where he's making his play, right? but doing it online? >> it's fascinating with the president of the united states building it around a twitter campaign, we've come to take that for granted but i did a little search for this my2k. on twitter. barack obama comes up second. you know what comes up first? the conservative heritage foundation which bought a promoted tweet, which means theirs goes to the top of the list and it says "four reasons why warren buffett" the ally of the white house on this "is wrong on tax hikes." >> but the interesting something that now any time anyone types up on twitter "my2k" which was a white house-created hashtag, you get the heritage foun
and you found that at the white house today where he gave a speech talking about the fiscal cliff, introducing the hashtag-- which is a way of grouping something-- my2k, which is a playoff of waoeubgt, ther of y2. he's saying if you don't do something you are going to have to pay as middle-class taxpayers, $2,000 allegedly. >> if congress doesn't stop the automatic tax hikes. >> brown: but this was in the context of a whole week where he's making his play, right? but doing it...
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Nov 30, 2012
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cliff and shortly after the white house and the democrats answered that the republicans had not offered any of their own plans. is this something that's going to be able to be taken care of while you're still a representative or is it going to land in your lap when you move to the other chamber? >> you know, i hope we get it done, obviously. we want to avoid the cliff. it is a little troubling that we don't have any real plans or offers on the spending side. i think on the revenue side it's pretty clear by knew republicans are willing to give up more revenue, but we've got to see a balance. there's got to be spending cuts and if those have been offered, i'm not sure what they are. >> suarez: are you one of those members who's staked out a position on whether it has to be rates or effective revenue and not rates? >> well, i think it can be effective revenue. obviously it depends on where you put the level of deductions that can be taken. so i'd rather not raise rates at all. i think it can be done without that. but certainly additional revenue is going to be required. >> suarez: the man
cliff and shortly after the white house and the democrats answered that the republicans had not offered any of their own plans. is this something that's going to be able to be taken care of while you're still a representative or is it going to land in your lap when you move to the other chamber? >> you know, i hope we get it done, obviously. we want to avoid the cliff. it is a little troubling that we don't have any real plans or offers on the spending side. i think on the revenue side...
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Dec 12, 2012
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the longer the white house slow- walks this process, the closer our economy gets to the fiscal cliff. >> reporter: behind the scenes, progress is being made, but democrats are still arguing they've given ground in previous budget battles. that's one reason they are holding firm on higher taxes now. >> $1.6 trillion in cuts. "where are the cuts?" they are in bills that you, mr. speaker, have voted for. >> reporter: and there were new calls for more tax revenue today. warren buffett, vanguard founder john bogle, and financier george soros were among the famous names to call for a tougher estate tax. their proposal would exempt couples with up to $4 million in assets from the estate tax. above that level, estates would pay a 45% tax rate, rising to 50% or more on very large estates. supporters say that would both bring in badly needed revenue and help protect our democracy. >> it works to reduce concentrations of economic and political power across generations, and those concentrations are antithetical to the basic premise, if you will, of the founding of our republic, which was that it
the longer the white house slow- walks this process, the closer our economy gets to the fiscal cliff. >> reporter: behind the scenes, progress is being made, but democrats are still arguing they've given ground in previous budget battles. that's one reason they are holding firm on higher taxes now. >> $1.6 trillion in cuts. "where are the cuts?" they are in bills that you, mr. speaker, have voted for. >> reporter: and there were new calls for more tax revenue today....
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Dec 15, 2012
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cliff negotiations between congress and the white house. the dow jones industrial average lost more than 35 points to close at 13,135. the nasdaq fell nearly 21 points to close at 2,971. for the week, both the dow and the nasdaq lost two tenths of a percent. those are some of the day's major stories. now, back to margaret. >> warner: next, an update on a new administration policy allowing young immigrants living in the u.s. illegally to stay here. the "deferred action for childhood arrivals" program began four months ago. today, the department of homeland security announced that more than 100,000 young people have been granted a temporary reprieve from deportation. 368,000 have applied, less than one-third of the nearly 1.3 million people estimated to be eligible nationwide. we turn again to ray suarez for a look at how the program is working in california, the state that leads the country in applications. >> sorry, i just, like, practiced this speech today. >> suarez: to hear sinyoung park in a class at ucla, you'd assume she, like most of
cliff negotiations between congress and the white house. the dow jones industrial average lost more than 35 points to close at 13,135. the nasdaq fell nearly 21 points to close at 2,971. for the week, both the dow and the nasdaq lost two tenths of a percent. those are some of the day's major stories. now, back to margaret. >> warner: next, an update on a new administration policy allowing young immigrants living in the u.s. illegally to stay here. the "deferred action for childhood...
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Dec 18, 2012
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president obama and house speaker john boehner met at the white house, with the fiscal cliff deadline two weeks away. it followed reports that boehner has now offered to raise tax rates on those making a million dollars a year. the democrat of hawaii died of respiratory complications in washington. he was 88 years old and the u.s. senate's longest serving member. our coverage of this story continues online, with more advice on how to talk to children. kwame holman explains. >> holman: we have tips on coping from a professor of school psychology and parent of two children, stephen brock. get ankery look at our coming story. a special correspondent profiles an indian politician who is both loved and loathed. all that and more is on our web site, newshour.pbs.org. >> ifill: and to a different kind of honor roll tonight, of those killed in newtown, connecticut, on friday morning. as we've reported, there were 20 first-graders and six women in the school, plus the mother of the shooter, who lost their lives. here, in silence, are the names of the 27 victims. 25 photographs were available.
president obama and house speaker john boehner met at the white house, with the fiscal cliff deadline two weeks away. it followed reports that boehner has now offered to raise tax rates on those making a million dollars a year. the democrat of hawaii died of respiratory complications in washington. he was 88 years old and the u.s. senate's longest serving member. our coverage of this story continues online, with more advice on how to talk to children. kwame holman explains. >> holman: we...
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Dec 20, 2012
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cliff at year's end. at his white house appearance, the president said he and house speaker john boehner are pretty close to an agreement. he said he's come at least halfway in a bid to avert mandatory spending cuts and across-the-board tax increases. he said republicans should take the deal. >> you know, they will be able to claim that they have worked with me over the last two years to reduce the deficit more than any other deficit reduction ckage that we will have stabilized it for ten years. that is a significantab achievement for them. they should be proud of it. but they keep on finding ways to say noas opposed to finding ways to say yes. >> sreenivasan: the presiasnt's plan would raise taxes on those making more than $400,000 a year. white house officials said he'd veto what house republicans call .plan it would raise taxes on those. making one million dollars a year, and keep tax cuts f everyone else. but speaker boehner said he's going ahead with the bill anyway. >> tomorrow the house will pass l
cliff at year's end. at his white house appearance, the president said he and house speaker john boehner are pretty close to an agreement. he said he's come at least halfway in a bid to avert mandatory spending cuts and across-the-board tax increases. he said republicans should take the deal. >> you know, they will be able to claim that they have worked with me over the last two years to reduce the deficit more than any other deficit reduction ckage that we will have stabilized it for ten...
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Nov 23, 2012
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it was the chairman of the federal reserve ben bernanke who first called it a fiscal cliff. he described the coming automatic cuts in government spending and increases in taxes as, quote, "a massive fiscal cliff," end quote. here's what he was describing: on january 1, 2013, tax breaks worth $416 billion will expire. spending on things like defense, medicare payments to doctors will be slashed by $65 billion. add it all up and you are talking about cutting roughly half a trillion dollars from the federal budget. the congressional budget office and others warn going over the cliff will send the economy into a recession in the first half of next year. it was congress and the white house that set the deadline in hopes of forcing each other to cut the federal budget deficit and begin to address the growing national debt. of the half trillion dollars the fiscal cliff is designed to cut in red ink next year, 80% of it comes in the form of higher taxes. under current law, 20% comes from lowering government spending. this is just the first step as part of a $7 trillion effort to cut
it was the chairman of the federal reserve ben bernanke who first called it a fiscal cliff. he described the coming automatic cuts in government spending and increases in taxes as, quote, "a massive fiscal cliff," end quote. here's what he was describing: on january 1, 2013, tax breaks worth $416 billion will expire. spending on things like defense, medicare payments to doctors will be slashed by $65 billion. add it all up and you are talking about cutting roughly half a trillion...
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avoid the fiscal cliff. but the speaker is trying to strengthen his standing both with his own members by holding a vote on plan "b" and by giving republicans in the house an alternative in case talks with the white house fail. >> what people have to understand is the shortest distance between "a" and "b" in washington is never a straight line. politics requires a zigzag. >> reporter: to most of us, this zigzagging feels more like going in circles. but there is still time to get an agreement before january 1, and that's what many analysts still expect to happen. darren gersh, nbr, washington. >> susie: we turn now to judd gregg for his perspective. he's a former republican senator from new hampshire, and currently senior advisor at new mountain capital, a private equity firm. senator, great to you have back on nightly business report. let me begin by just asking that if you were in the senate today would you be voting for plan b? >> well, yes, but i don't think plan b is going to be the final option here. i
avoid the fiscal cliff. but the speaker is trying to strengthen his standing both with his own members by holding a vote on plan "b" and by giving republicans in the house an alternative in case talks with the white house fail. >> what people have to understand is the shortest distance between "a" and "b" in washington is never a straight line. politics requires a zigzag. >> reporter: to most of us, this zigzagging feels more like going in circles. but...
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cliff. at the home of what the white house called a typical middle class family, mr. obama said he's optimistic that agreement can be reached, but again drew a hard line for republicans in congress. >> everybody's is going to have to share in some sacrifice. but it starts with folks who are in the best position to sacrifice. who are in the best position to step up . just to be clear i'm not going to sign any package that somehow prevents the top rate from going up, the top 2% from going up. >> woodruff: the president phoned house speaker john boehner yesterday, their first direct talk in almost a week. but today white house spokesman jay carney wouldn't share details of the call. >> we believe it's in the interest of achieving an agreement not to do that. >> reporter: treasury secretary timothy geithner said yesterday the white house was absolutely willing to go over the cliff if republicans held firm in their opposition to raising rates on the wealthy. but it was the administration's other
cliff. at the home of what the white house called a typical middle class family, mr. obama said he's optimistic that agreement can be reached, but again drew a hard line for republicans in congress. >> everybody's is going to have to share in some sacrifice. but it starts with folks who are in the best position to sacrifice. who are in the best position to step up . just to be clear i'm not going to sign any package that somehow prevents the top rate from going up, the top 2% from going...
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but quickly, david, on the fiscal cliff which ruth raised a minute ago, there was some positive noise coming out of the congressional leadership today after the meeting in the white house. does it look like they could actually agree? >> i remain a pessimist on this one. you know, i do think the republicans are in a tough spot. the public is against them on raising taxes on the rich. the way the fiscal cliff is structured, they're at a severe disadvantage. they're in a spot and showing flexibility. they just lost an election. nonetheless i think the president is driving a hard war gain. his attitude and democrats attitude is they pushed us around. we've got the advantage. let's push them back. and i think that will yield some short-term benefits. i think president obama is going to end up asking the republicans to capitulate, give them no easy path to yes. will ask them really to hugh il-- humiliate themselves to agree to tax rate increases that they have said no to again and again. nonetheless i still probably win that just because the landscape really does favor him. what it will hur
but quickly, david, on the fiscal cliff which ruth raised a minute ago, there was some positive noise coming out of the congressional leadership today after the meeting in the white house. does it look like they could actually agree? >> i remain a pessimist on this one. you know, i do think the republicans are in a tough spot. the public is against them on raising taxes on the rich. the way the fiscal cliff is structured, they're at a severe disadvantage. they're in a spot and showing...
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to move forward the stalled fiscal cliff talks. there are now just 18 days before the tax hikes and spending cuts that make up the cliff take effect, and today, there were few signs of progress. as darren gersh reports, the tone of the talks, if anything, is getting worse. >> reporter: house democratic leader nancy pelosi may just have a second career as a stock analyst. her commentary on the markets today was dead on. >> so far, they trust that we would not be so stupid as to go over a cliff. >> reporter: but pelosi made clear what everyone knows-- time is running out to reach a deal by christmas >> we really have to come to some agreement in the next couple of days or the very beginning of next week for us to have engineered our way to a solution. >> reporter: the fiscal cliff is really a negotiation between two men, and one of them today was not sounding very happy. house speaker john boehner brought out the charts to make his case. >> here we are at the eleventh hour, and the president still isn't serious about dealing with thi
to move forward the stalled fiscal cliff talks. there are now just 18 days before the tax hikes and spending cuts that make up the cliff take effect, and today, there were few signs of progress. as darren gersh reports, the tone of the talks, if anything, is getting worse. >> reporter: house democratic leader nancy pelosi may just have a second career as a stock analyst. her commentary on the markets today was dead on. >> so far, they trust that we would not be so stupid as to go...
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they will be talking about ways to solve the so-called "fiscal cliff" dilemma. investors appear cautious about making any big moves until they know whether the cliff will trigger increases in capital gains and dividend taxes. the dow fell almost 59 points, the nasdaq lost 20, and the s&p was down five. meanwhile, in washington, congress returned to work for the first time since september. lawmakers face a long "to-do list," and getting a deal on that fiscal cliff is right at the top. darren gersh reports. >> reporter: it was freshman welcome day in washington. senate republican leader mitch mcconnell lost ground in the election, but he posed for the cameras with the three new senators who will be joining his side of the aisle in january. in the house, minority leader nancy pelosi beamed as she presented the new faces adding to democratic ranks in the coming congress. given what awaits these new lawmakers in january, you might wonder why they want the job. it's still not clear whether a lame duck session of congress will navigate the expiring tax breaks and autom
they will be talking about ways to solve the so-called "fiscal cliff" dilemma. investors appear cautious about making any big moves until they know whether the cliff will trigger increases in capital gains and dividend taxes. the dow fell almost 59 points, the nasdaq lost 20, and the s&p was down five. meanwhile, in washington, congress returned to work for the first time since september. lawmakers face a long "to-do list," and getting a deal on that fiscal cliff is...
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struggle to avert the fiscal cliff. i'm judy woodruff. >> brown: and i'm jeffrey brown. "washington week" can be seen later this evening on most pbs stations. we'll see you online and again here monday evening. have a nice weekend. thank you and good night. major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy productive life. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. captioning sponsored by macneil/lehrer productions captioned by media access group at wgbh access.wgbh.org
struggle to avert the fiscal cliff. i'm judy woodruff. >> brown: and i'm jeffrey brown. "washington week" can be seen later this evening on most pbs stations. we'll see you online and again here monday evening. have a nice weekend. thank you and good night. major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> and by the bill and melinda gates foundation. dedicated to the idea that all...
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the white house knocks down house speaker john boehner's back-up plan to avoid the fiscal cliff. we'll have details on his "plan b." we get an insider's perspective on those talks from roger altman. he was a key adviser in the clinton administration and now, as head of investment firm evercore, he's plugged in to corporate america and wall street. and are apple's hot-selling products cooling off? is the competition winning over even apple's loyal fans? that and more tonight on "n.b.r." john boehner is pushing for his "plan b." this is the latest twist in those crucial fiscal cliff negotiations. the house speaker offered a back-up plan today to avoid falling off the cliff. he promised to bring a bill to the house floor this week that would raise income tax rates for people earning more than $1 million a year and no new spending cuts, for now. the white house immediately rejected it. darren gersh reports. >> reporter: house speaker john boehner says the president is asking for about half a trillion dollars more in taxes than he is willing to cut from spending. that means the two si
the white house knocks down house speaker john boehner's back-up plan to avoid the fiscal cliff. we'll have details on his "plan b." we get an insider's perspective on those talks from roger altman. he was a key adviser in the clinton administration and now, as head of investment firm evercore, he's plugged in to corporate america and wall street. and are apple's hot-selling products cooling off? is the competition winning over even apple's loyal fans? that and more tonight on...
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, the fiscal cliff. we'll have all that and more tonight on nbr! election day is finally here, and americans across the country stood in long lines to vote for the next president of the united states. on wall street, stocks rallied ahead of the election results. there were no big headlines for investors to react to, but the presidential election is expected to lift a cloud of uncertainty that has been weighing on investors. by the close, the dow surged 133 points, the nasdaq rose 12, and the s&p added 11 points. polls show that president obama r romney are in a tight race. ultimately, voters in a few key states will have the final say on who wins the white house. florida is one of tho important battleground states. tom is in miami with more. tom. >> tom: susie, florida is the biggest swing state ize with the most electoral votes up for grabs.iz the economy, healthcare and immigration all are on display here with florida's diverse and growing population. voters in south florida today packed their umbrella
, the fiscal cliff. we'll have all that and more tonight on nbr! election day is finally here, and americans across the country stood in long lines to vote for the next president of the united states. on wall street, stocks rallied ahead of the election results. there were no big headlines for investors to react to, but the presidential election is expected to lift a cloud of uncertainty that has been weighing on investors. by the close, the dow surged 133 points, the nasdaq rose 12, and the...
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get underway to avoid the fiscal cliff. as darren gersh reports from washington, even before republicans and democrats sit down to talk on friday, both sides are laying down markers. >> reporter: just two days before he meets with congressional leaders, the president took a tougher tone on budget talks. in his news conference, he pushed hard for an immediate extension of tax cuts for everyone making less than $250,000 a year. >> and by the way, that means every american, including the wealthiest americans get a tax cut. it means that 98% of all americans, and 97% of all small businesses won't see their taxes go up a single dime. the senate has already passed a law like this. democrats in the house are ready to pass a law like this and i hope republicans in the house come on board too. >> reporter: republicans said again they would be willing to raise more tax revenue by closing loopholes or limiting deductions. but those revenues had to be matched with cuts in entitlement programs. >> until you make our entitlement programs
get underway to avoid the fiscal cliff. as darren gersh reports from washington, even before republicans and democrats sit down to talk on friday, both sides are laying down markers. >> reporter: just two days before he meets with congressional leaders, the president took a tougher tone on budget talks. in his news conference, he pushed hard for an immediate extension of tax cuts for everyone making less than $250,000 a year. >> and by the way, that means every american, including...
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bowles explains the risks of falling off the fiscal cliff. >> if we do nothing by the end of this year, the negative impact on economic growth in 2013 will be enough to throw us back into recession. and it won't be just 2013, because companies will have to start preparing, so we will start seeing negative growth in the fourth quarter of this year. >> tom: tomorrow on nbr, our friday "market monitor" guest is alan lancz of lancz global. he'll explain why he's taking profits now and lowering risk. and from the housing market to internet stocks, we look at a new study on how to spot an investment bubble before it pops. >> susie: when it comes to teaching your kids about money, one of the keys to success is making a plan and sticking with it. in tonight's "kids & cash," alisa weinstein says it's not as hard as it sounds. she's author of "earn it, learn it." >> one of most important rules when teaching kids about money is to be consistent. one of the biggest challenges when teaching kids about money is to be consistent. no matter what method you're using-- paying for chores, paying for care
bowles explains the risks of falling off the fiscal cliff. >> if we do nothing by the end of this year, the negative impact on economic growth in 2013 will be enough to throw us back into recession. and it won't be just 2013, because companies will have to start preparing, so we will start seeing negative growth in the fourth quarter of this year. >> tom: tomorrow on nbr, our friday "market monitor" guest is alan lancz of lancz global. he'll explain why he's taking profits...
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what will you be watching for in that period when we're on the edge of the so-called fiscal cliff? and the president, it'll be obama. he'll still be in the white house, even if he loses in november, negotiates with the congress. what are you going to be watching for? >> well, it's taking place right now. i don't have to watch after the election. right now, you have ceos, meeting with democrats and republicans, trying to work out some kind of deficit reduction plan. if some of us and the american people are not successful in stopping them, there will be cuts in social security, i suspect medicare and medicaid. not anywhere near as draconian as what the republicans, let alone, want. there is an answer to the deficit crisis. and that is when you have this grotesquely unequal distribution of wealth and income, somebody's going to have to say, "hey, what, you're a billionaire, you know what, you're going to have to contribute." one-quarter of american corporations don't pay anything in taxes. we're losing $100 billion a year, because these companies are stashing their money in the cayma
what will you be watching for in that period when we're on the edge of the so-called fiscal cliff? and the president, it'll be obama. he'll still be in the white house, even if he loses in november, negotiates with the congress. what are you going to be watching for? >> well, it's taking place right now. i don't have to watch after the election. right now, you have ceos, meeting with democrats and republicans, trying to work out some kind of deficit reduction plan. if some of us and the...
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investors were feeling encouraged that fiscal cliff negotiations in washington are making progress. that led to a powerful rally today, continuing the momentum from friday after that white house meeting between president obama, and congressional leaders. stocks rallied right from the opening bell: the dow surged 207 points, the nasdaq jumped nearly 63, and the s&p 500 rose 27. >> tom: those hopes about a fiscal cliff deal may be good enough for stock traders today, but is the economy in a position to deal with whatever solution politicians may hammer out? it's expected that the fiscal fix will involve tax hikes of some sort, and spending cuts as well. we spoke with economist dean baker from the center for economic and policy research, and economist douglas holtz- eakin of the american action forum. "n.b.r.'s" washington bureau chief darren gersh began the discussion by asking baker what tighter federal policy will mean for the economy in the coming year. >> insofar as we get austerity, we get tax increases, spending cuts, that's going to slow the economy. i anticipate a deal so we a
investors were feeling encouraged that fiscal cliff negotiations in washington are making progress. that led to a powerful rally today, continuing the momentum from friday after that white house meeting between president obama, and congressional leaders. stocks rallied right from the opening bell: the dow surged 207 points, the nasdaq jumped nearly 63, and the s&p 500 rose 27. >> tom: those hopes about a fiscal cliff deal may be good enough for stock traders today, but is the economy...
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on the fiscal cliff, those big spending cuts and tax hikes set to hit the u.s. economy on january 1, we examine whether congress and the white house can strike a deal to avoid going off the cliff. so be sure to join on us, we look at the impact of the cliff on jobs, how strategies for investors, and tom talks with mark mobius, the global investing guru. that's "nightly business report" for wednesday, november 21. happy thanksgiving everyone, and hope you have a great holiday too tom. >> tom: goodnight susie, we'll see you online at: www.nbr.com and back here tomorrow night. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> join us anytime at nbr.com. there, you'll find full episodes of the program, complete show transcripts and all the market stats. also follows us on our facebook page at bizrpt. and on twitter @bizrpt.
on the fiscal cliff, those big spending cuts and tax hikes set to hit the u.s. economy on january 1, we examine whether congress and the white house can strike a deal to avoid going off the cliff. so be sure to join on us, we look at the impact of the cliff on jobs, how strategies for investors, and tom talks with mark mobius, the global investing guru. that's "nightly business report" for wednesday, november 21. happy thanksgiving everyone, and hope you have a great holiday too tom....
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. >> woodruff: the white house had a new proposal on the table today in the fiscal cliff negotiations. house republicans said it fell well short, but the two sides kept at it, hoping to avert across-the-board tax hikes and steep mandatory spending cuts in 2013. >> we're moving closer. let me say that. it looks more encouraging today than it did yesterday. >> woodruff: there were some voices today like california republican congressman wally herger who saw signs of a deal in the works. president obama offered monday to lower his target for new revenue to $1.2 trillion over ten years. down $400 billion from his first offer. he also raised the threshold for higher tax rates to households making $400,000 a year. instead of $250,000. and he proposed spending cuts of $1.2 trillion from health programs and cost of living hikes for social security. white house press secretary jay carney. >> in the details that have come out about the president's proposal, i think it is clear that he has demonstrated good faith and a willingness to meet speaker boehner and the republicans halfway. >> woodruff:
. >> woodruff: the white house had a new proposal on the table today in the fiscal cliff negotiations. house republicans said it fell well short, but the two sides kept at it, hoping to avert across-the-board tax hikes and steep mandatory spending cuts in 2013. >> we're moving closer. let me say that. it looks more encouraging today than it did yesterday. >> woodruff: there were some voices today like california republican congressman wally herger who saw signs of a deal in...
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house of representatives is expected to vote tomorrow on the republican plan-b to avoid the fiscal cliff. house speaker john boehner thinks the house will okay the package, trying to turn the heat up on president obama to steer clear of automatic tax hikes and government spending cuts due to take affect in 12 days. still, as darren gersh reports, there are some signs the two sides are narrowing their differences. >> reporter: house republicans say they're still working on plan a: a big agreement with the president to cut spending and raise revenues, but they were pushing plan b today-- a tax hike for those making more than a million dollars. >> tomorrow the house will pass legislation to make permane tax relief for nearly every american. 99.81% of the american people. then the president will have a decision to make. he can call on the senate democrats to pass that bill or he can be responsible for the largest tax increase in american history. >> reporter: hours befe thee speaker issued his challenge, sidesresident said the tw were not that far apart. just a few more steps the president s
house of representatives is expected to vote tomorrow on the republican plan-b to avoid the fiscal cliff. house speaker john boehner thinks the house will okay the package, trying to turn the heat up on president obama to steer clear of automatic tax hikes and government spending cuts due to take affect in 12 days. still, as darren gersh reports, there are some signs the two sides are narrowing their differences. >> reporter: house republicans say they're still working on plan a: a big...
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cliff. j.p. morgan's jamie dimon, bank of america's brian moynihan andf goldman sach's lloyd blankfein joined3 other c.e.o.s in a letter to congress and the white house.in expiration of tax cuts and automatic government spending cuts already has held back businesses, and if the cliff is triggered in january as scheduled, things will get much worse. bankrate's greg mcbride says all americans would feel the pain. >> it's going to put a few million more people out of work, the st>k market would tank so everyone with a 401(k) would feel it, and even the people who are still working, they're going to make less money, they're going to have less money, it'sk not going to be fun for anybody. >> reporter: the bank c.e.o.s also raised concern over the potential for another credit downgrade for america. they said it could lead to higher interest rates. >> higher interest payments would worsen our nation's fiscal burden and likely increase uncertainty and instability in global financial markets.o >> rep
cliff. j.p. morgan's jamie dimon, bank of america's brian moynihan andf goldman sach's lloyd blankfein joined3 other c.e.o.s in a letter to congress and the white house.in expiration of tax cuts and automatic government spending cuts already has held back businesses, and if the cliff is triggered in january as scheduled, things will get much worse. bankrate's greg mcbride says all americans would feel the pain. >> it's going to put a few million more people out of work, the st>k market...
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way of arguing this social -- this fiscal cliff argument. turns out he's not alone. let's look at something we've been seeing this week. >> stop instagramming your breakfast and tweeting your first world problems and getting on youtube so you can see gang 'nam style. ♪ gangnam style >> and start using those sprerbl social media skills to sign people up on this baby. three people a week, let it grow and don't forget, take part or get taken apart. these old coots will clean out the treasury before you get there. >> ifill: "these old coots will clean out the treasury." this is alan simpson in his best but a completely different venue. >> i talked to him today and he said "i think i could go around the world in 90 days and never had the impact that this silly little thing did." and the idea behind this, he's hooked up with "the can kicks back" helping young people try to get involved and get engaged in the fiscal cliff and making decisions. and they're using a lot of twitter and other social media to make their point. >> ifill: they tweeted "w
way of arguing this social -- this fiscal cliff argument. turns out he's not alone. let's look at something we've been seeing this week. >> stop instagramming your breakfast and tweeting your first world problems and getting on youtube so you can see gang 'nam style. ♪ gangnam style >> and start using those sprerbl social media skills to sign people up on this baby. three people a week, let it grow and don't forget, take part or get taken apart. these old coots will clean out the...
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the longer the white house slow-walks this process, the closer our economy gets to the fiscal cliff. now, if the president doesn't agree with our approach, he's got an obligation to put forward a plan that can pass both chambers of the congress. because right now the american people have to be scratching their heads and wondering when is the president going to get serious? >> on that question of whether or not we have put forward specific spending cuts, the answer is is we have. not only that, we signed law a trillion dollars in specific spending cuts. so if you combine what is signed into law with what we proposed versus the total absence of any specificity from the republicans for a single dollar in revenue, i think in the battle of specificity, the outcome has already been decided. >> woodruff: and a short time ago an administration official told us the president and the speaker spoke by phone this evening. now to our series of conversations on this subject and what should be done. we've listened to a range of opinions in recent days, including erskine bowles of the simpson-bowles
the longer the white house slow-walks this process, the closer our economy gets to the fiscal cliff. now, if the president doesn't agree with our approach, he's got an obligation to put forward a plan that can pass both chambers of the congress. because right now the american people have to be scratching their heads and wondering when is the president going to get serious? >> on that question of whether or not we have put forward specific spending cuts, the answer is is we have. not only...
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re-election with uewer votes than he got in his firstt campaign for the white house. if romney wins, it's possible democrats will keep control of the senate. either way, the winner's claim to a mandate will look very thin thiyear. and that will make it hard to move forward with a clear agenda. the numbers won't justify that. they will suggest that you will have to deal with the other side because a lot of people didn't vote for you and they're part of the other side. but no one in washington is expecting this election to end with handshakes and good will. most signs now point to a status quo election. democrats keep the ite house and senate and republicans keep the house with relatively few losses. despite all the money and time spent in this campaign, it now looks likely to will end with the same political math that delivered gridlock through muchs of the last two years. that policy uncertainty may worry investors, but politicians seem to have learned to live with it. >> in an era of deeply polarized parties, mandates aren't as important. all that matters is winning.
re-election with uewer votes than he got in his firstt campaign for the white house. if romney wins, it's possible democrats will keep control of the senate. either way, the winner's claim to a mandate will look very thin thiyear. and that will make it hard to move forward with a clear agenda. the numbers won't justify that. they will suggest that you will have to deal with the other side because a lot of people didn't vote for you and they're part of the other side. but no one in washington is...
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. >> susie: let me ask you real quickly before we leave here about the fiscal cliff because ben bernanke talked a lot about that today. we discussing that with darren about all of the risks. there is a lot of back and forthwith lawmakers in the white house. what is the best possible outcome you're expecting and hoping for? >> so it is different things. so what we hope for is that our politicians come together and agree on a grand bargain that combines the following: medium term fiscal reform on both the revenue and experexpenditure side. a small upfront stimulus, and a set of other policies that help our economy grow. that's what we hope for. that's what should happen. what is likely to happen is a mini bargain, at best. >> susie: we're going to have to leave it there, mohammed. hopefully you'll come back to us again. we really appreciate your time. mohamed el-erian, c.e.o. and coach investment officers at pimco. >> tom: still ahead, the hurricane sandy relief concert tonight that's expected to raise tens of millions of dollars. how safe is your money when you give it away to a charity?
. >> susie: let me ask you real quickly before we leave here about the fiscal cliff because ben bernanke talked a lot about that today. we discussing that with darren about all of the risks. there is a lot of back and forthwith lawmakers in the white house. what is the best possible outcome you're expecting and hoping for? >> so it is different things. so what we hope for is that our politicians come together and agree on a grand bargain that combines the following: medium term...
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the division demonstrated that efforts to get a bi-partisan agreement and avoid the fiscal cliff are stuck in stalemate. >> the house will be in order. >> brown: house republicans pushed their plan b. despite a veto threat from the white house and the strong opposition of senate democrats. speaker john boehner insisted the president had left him with no alternative. >> for weeks the white house said if i moved on rates that they would make substantial concessions on spending cuts and entitlement reforms. i did my part. they've done nothing. >> brown: the public sniping continued: at the white house, press secretary jay carney fired back that the president had shown more of a willingness to compromise than republicans have. >> he never said, either in private or in public, that this was his final offer. he understands that to reach a deal it would require some further negotiation. there is not much further he could go because after all, unlike his counterparts in this negotiation he has already gone half way on both sides of the equation. >> brown: the president would raise tax rates
the division demonstrated that efforts to get a bi-partisan agreement and avoid the fiscal cliff are stuck in stalemate. >> the house will be in order. >> brown: house republicans pushed their plan b. despite a veto threat from the white house and the strong opposition of senate democrats. speaker john boehner insisted the president had left him with no alternative. >> for weeks the white house said if i moved on rates that they would make substantial concessions on spending...
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Nov 15, 2012
11/12
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he addressed two major stories-- the fiscal cliff and the sex scandal that ousted the c.i.a. director-- plus immigration, climate change and more. newshour correspondent kwame holman has the story. >> please have a seat. i hear you have some questions for me. ( laughter ) >> reporter: the president went right to the point in his first news conference since winning re-election eight days ago. topping the list: the looming fiscal cliff, $650 billion in spending cuts and tax increases kicking in at the first of the year. >> if congress fails to act by the end of this year, everybody's taxes will automatically go up, including the 98% of americans who make less than $250,000 a year and the 97% of small businesses who earn less than $250,000 a year. that doesn't make sense. our economy can't afford that right now. certainly no middle-class family can afford that right now. >> reporter: mr. obama signed legislation extending the bush- era tax cuts two years ago, including those affecting the wealthy, but he said today things are different this time. >> well, two years ago, the econ
he addressed two major stories-- the fiscal cliff and the sex scandal that ousted the c.i.a. director-- plus immigration, climate change and more. newshour correspondent kwame holman has the story. >> please have a seat. i hear you have some questions for me. ( laughter ) >> reporter: the president went right to the point in his first news conference since winning re-election eight days ago. topping the list: the looming fiscal cliff, $650 billion in spending cuts and tax increases...
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Dec 14, 2012
12/12
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cliff. congressional correspondent kwame holman kicks off our coverage tonight >> reporter: late in the day, house speaker john boehner left capitol hill to meet privately with president obama at the white house, their second face- to-face meeting in a week. after a day of heated rhetoric that began on capitol hill, when boehner was blunt in again rejecting the president's demand for power to raise the country's debt ceiling. >> zero. congress is never going to give up our ability to control the purse. and the fact is, is that the debt limit ought to be used to bring fiscal sanity to washington, d.c. >> reporter: as the deadline to reach a deal to avert the fiscal cliff draws ever closer, republicans say the real issue is spending cuts. >> listen, republicans want to solve this problem by getting the spending line down. the president wants to pretend that spending isn't the problem. that's why we don't have an agreement. >> reporter: a claim the white house denies, spokesman jay carney. >> l
cliff. congressional correspondent kwame holman kicks off our coverage tonight >> reporter: late in the day, house speaker john boehner left capitol hill to meet privately with president obama at the white house, their second face- to-face meeting in a week. after a day of heated rhetoric that began on capitol hill, when boehner was blunt in again rejecting the president's demand for power to raise the country's debt ceiling. >> zero. congress is never going to give up our ability...
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Dec 1, 2012
12/12
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i know the speaker, as well as i, do not want to see us go to the fiscal cliff, but feel very strongly we've got to get serious here. we don't want to increase tax rates. we're not going to increase tax rates. >> warner: a white house spokesman shot back that republicans ought not to be surprised that mr. obama is sticking to his guns. and congressional democrats, like house minority leader nancy pelosi, welcomed the president's plan. >> elections have consequences. the president campaigned-- he made it very clear, he made it very clear that he was supporting a tax cut for the middle class, that he wanted the expiration of the tax cuts for the high end. and the american people know that debate, they voted for him. >> warner: still, despite all the tough talk, reporter todd zwillich of wnyc and public radio international says there's more movement behind the scenes than meets the eye. >> there does tend to be a pattern to how big negotiations like this go. the fact that they haven't reached an agreement yet doesn't mean they won't before christmas, doesn't mean they won't before new yea
i know the speaker, as well as i, do not want to see us go to the fiscal cliff, but feel very strongly we've got to get serious here. we don't want to increase tax rates. we're not going to increase tax rates. >> warner: a white house spokesman shot back that republicans ought not to be surprised that mr. obama is sticking to his guns. and congressional democrats, like house minority leader nancy pelosi, welcomed the president's plan. >> elections have consequences. the president...